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If Tax Credits are assessed annually what happens if the family has a change of circumstance within the twelve month period?

April 26, 2017annually assessed circumstance family happens month period tax credits

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If Tax Credits are assessed annually what happens if the family has a change of circumstance within the twelve month period?

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Where a family has a change of circumstances that falls into one of the categories outlined at page 2 of the TC602 award notice – CHANGES IN YOUR CIRCUMSTANCES, the family must advise the and Revenue.The Inland Revenue will then decide whether a reassessment of tax credit, or income, will be appropriate and will issue a revised award notice.Changes in annual income need to be declared to the Inland Revenue where income has: a) decreased, b) increased by more than 2,500pa.